The Beginning of a New Era - The Creation of the Société générale de financement (SGF)

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Home > Events > Reclaiming the Economy > The Creation of the Société générale de financement (SGF)

In 1965, the Société générale de financement (SGF) becomes the principal shareholder of the Marine Industries Limitée shipyard in Sorel. The photo shows the production of a joint in a drilling platform at Marine Industries in 1969

In November 1964,an agreement is signed between SOMA Inc. (Société de Montages Automobiles), an affiliate of the Société générale de financement (SGF), the federal government and French companies Peugeot and Renault for the establishment of an automobile manufacturing plant in Saint-Bruno-de-Montarville. The photo features Gérard Filion, President of the SGF, in the company of Montréal Mayor Jean Drapeau and representatives of the French companies during a negotiation meeting

The Creation of the Société générale de financement (SGF - general investment corporation)

"Through the SGF, our people will be able to begin their own economic liberation" (translation).

Jean Lesage at the Legislative Assembly on June 26, 1962, quoted in Jacques Lacoursière's Histoire populaire du Québec, Volume 5: 1960 to 1970, Sillery, Septentrion, 2008, p. 55.

A harsh reality had to be faced in the 1960s: between 5% and 20% of the Quebec economy belonged to French Quebecers; the rest, a minimum of at least 80%, (and possibly more), was in the hands of English Canadian and American corporations. The Liberal Party in power intended to rectify this situation. Indeed, during a speech pronounced in March 1961, Premier Jean Lesage affirmed that "economic colonialism was no longer acceptable for Quebecers" (translation). The solution advanced by the government was the creation of the Société générale de financement (SGF) in 1962. It would be a mixed corporation combining funds originating from the state, financial institutions and taxpayers. Its mission would consist of supporting Quebec businesses experiencing difficulties and diversifying Quebec's industrial production base. In addition to acquiring corporate stock, the SGF could obtain bonds from other levels of government and organizations (school boards, for example) and resell them. In short, the SGF was to act as the financial arm of the Government of Quebec and mitigate Quebec's dependence on foreign capital.

Related characters

• Gérard Filion
• Jean Lesage

Related years

• 1962